GLOBAL - Credit Agricole Structured Asset Management (CASAM) has reported growth in assets under management of 22% (e423.2 bn) in 2005.
Combined with Nextra’s AuM, the asset management side of CASAM’s international presence - which was consolidated at 65% - actually saw growth of 41.5%.
Credit Agricole bought a 65% stake in Italy’s Nextra Investment Management, the fund management arm of Banca Intesa, in May last year, making it Europe’s fourth largest asset management firm.
Under the deal, CASAM took a 65% stake in the merger between Banca Intesa’s asset management subsidiary Nextra Investment Management sgr and CASAM’s Italian subsidiary CASAM sgr.
CASAM said net inflows exceeded e35bn compared to 15bn in 2004 and the market effect contributed to a further e41bn.
“The strategy of expanding outside France continued to bear fruit, with international subsidiaries generating nearly 50% of net inflows,” the firm said. “The strong business momentum was thanks to the rationalisation of mutual fund offerings, continued innovation and the enhancement of the product range.”
CASAM also claimed 2006 would see its full integration with Nextra and said it had plans for future development, particularly in Asia.
By Daniel Flatt